Accounting MCQs

Final Account is:

When a bill is drawn by A on B and before the date of maturity, B becomes insolvent then in the books of A it is debited to . . . . . . . .

When an existing company takes over the business of one or more existing companies, it is called . . . . . . . .

Both assets and owners equity would be increased by . . . . . . . .

Legal expenses in respect of claims of an insurance company is shown in . . . . . . . .

Where separate set of books are maintained, the ledger accounts required are . . . . . . . .

. . . . . . . . represents that part of discount received during the year by a bank which relates to the next accounting year.

What is the correct sequence of the following in the preparation of periodical financial statements? I. preparation of Balance sheet II. preparation of Funds flow statement III. preparation of Trial balance IV. preparation of Profit/Loss statement Select the correct answer from the options given below and mark your answer sheet accordingly

Cash book prepared on imprest system is: